UBS Group Cuts Rocket Companies (NYSE:RKT) Price Target to $13.00

Rocket Companies (NYSE:RKT) had its target price reduced by UBS Group from $14.00 to $13.00 in a report published on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Several other equities research analysts have also commented on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a research report on Wednesday, April 2nd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $18.00 price target on shares of Rocket Companies in a report on Tuesday, April 1st. JPMorgan Chase & Co. dropped their price objective on shares of Rocket Companies from $14.00 to $10.50 and set an “underweight” rating for the company in a research note on Tuesday, January 14th. The Goldman Sachs Group cut their price objective on Rocket Companies from $16.00 to $14.00 and set a “neutral” rating for the company in a research report on Tuesday, January 7th. Finally, Wedbush reiterated a “neutral” rating and set a $13.00 target price on shares of Rocket Companies in a report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $14.38.

Rocket Companies Stock Performance

Shares of RKT opened at $12.08 on Wednesday. The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51. Rocket Companies has a 52-week low of $10.06 and a 52-week high of $21.38. The company has a 50-day simple moving average of $13.48 and a 200-day simple moving average of $13.71. The company has a market capitalization of $24.11 billion, a PE ratio of -75.49 and a beta of 2.35.

Rocket Companies Cuts Dividend

The firm also recently declared a dividend, which was paid on Thursday, April 3rd. Shareholders of record on Thursday, March 20th were issued a $0.80 dividend. The ex-dividend date of this dividend was Thursday, March 20th. Rocket Companies’s dividend payout ratio (DPR) is 801.25%.

Institutional Investors Weigh In On Rocket Companies

Several hedge funds have recently modified their holdings of RKT. Parallel Advisors LLC raised its stake in Rocket Companies by 302.2% during the first quarter. Parallel Advisors LLC now owns 2,956 shares of the company’s stock worth $36,000 after purchasing an additional 2,221 shares during the period. GAMMA Investing LLC raised its position in shares of Rocket Companies by 82.4% in the 1st quarter. GAMMA Investing LLC now owns 3,905 shares of the company’s stock worth $47,000 after buying an additional 1,764 shares during the period. Itau Unibanco Holding S.A. acquired a new position in Rocket Companies in the fourth quarter valued at $47,000. KBC Group NV boosted its holdings in Rocket Companies by 58.1% in the fourth quarter. KBC Group NV now owns 6,056 shares of the company’s stock valued at $68,000 after acquiring an additional 2,226 shares during the last quarter. Finally, Sterling Capital Management LLC grew its position in Rocket Companies by 57.2% during the fourth quarter. Sterling Capital Management LLC now owns 8,295 shares of the company’s stock valued at $93,000 after acquiring an additional 3,019 shares during the period. 4.59% of the stock is owned by institutional investors and hedge funds.

Rocket Companies Company Profile

Rocket Companies, Inc, a fintech holding company, provides mortgage lending, title and settlement services, and other financial technology services in the United States and Canada. It operates through two segments, Direct to Consumer and Partner Network. The company’s solutions include Rocket Mortgage, a mortgage lender; Amrock that provides title insurance, property valuation, and settlement services; Rocket Homes, a home search platform and real estate agent referral network, which offers technology-enabled services to support the home buying and selling experience; and Rocket Loans, an online-based personal loans business.